Tiberon expands Nui Phao deposit (January 06, 2003)

Vancouver Calgary-based Tiberon Minerals (TBR-T) has tabled more results from its drill program performed late last year. The new results have confirmed the existence of additional resources outside the currently defined resource.

Tiberon reports that it has hit thick intervals of mineralization with good grades in an area north-west of previous drilling.

The 2,860 metre drill program that was completed in December consisted of a geotechnical component as well as a step-out component. The main goals of the program were to expand the deposit to the west and to define the pitwall design.

All the step-out holes were drilled into the western portion of the deposit area and were drilled vertically except for hole 112 which was drilled at minus 65 degrees. Highlights are as follows:

Hole NP-112 cut 10.4 metres averaging 0.18% tungsten trioxide, 0.20 gram gold, 0.13% copper, 0.10% bismuth and 7.6% fluorite. This was followed by a 28.5 metre-section that averaged 0.26% tungsten trioxide, 0.14 gram gold, 0.11% copper, 0.04% bismuth and 12.5% fluorite.

Hole NP-113 cut 30.2 metres averaging 0.23% tungsten trioxide, 0.13 gram gold, 0.11% copper, 0.06% bismuth and 6.0% fluorite. This was followed by an 11.6-metre interval that averaged 0.12% tungsten trioxide, 0.07 gram gold, 0.08% copper, 0.02% bismuth and 14.0% fluorite.

Hole NP-114 cut 15.5 metres averaging 0.35% tungsten trioxide, 0.24 gram gold, 0.17% copper, 0.08% bismuth and 7.4% fluorite. This was followed by a 9.0-metre interval that averaged 0.40% tungsten trioxide, 0.21 gram gold, 0.13% copper, 0.07% bismuth and 14.7% fluorite.

Hole NP-115 cut 56.4 metres averaging 0.36% tungsten trioxide, 0.22 gram gold, 0.15% copper, 0.09% bismuth and 11.2% fluorite.

Hole NP-119 intersected 13.3 metres averaging 0.32% tungsten trioxide, 0.73 gram gold, 0.36% copper, 0.17% bismuth and 6.2% fluorite.

Hole NP-121 intersected 7.8 metres averaging 0.14% tungsten trioxide, 0.03 gram gold, 0.03% copper, 0.01% bismuth and 16.4% fluorite. This was followed by a 33.6-metre section that averaged 0.27% tungsten trioxide, 0.10 gram gold, 0.14% copper, 0.03% bismuth and 20.1% fluorite.

The geotechnical holes were drilled around the margins of the deposit in the area of the proposed pit walls. These holes were drilled to test rock stability. These data will then be used to define pit wall angles for the bankable feasibility study.

Tiberon states that a few of these holes encountered mineralization. Highlights from these geotechnical drill holes are as follows:

Hole NP-118 cut 26.1 metres averaging 0.34% tungsten trioxide, 0.17 gram gold, 0.17% copper, 0.08% bismuth and 17.6% fluorite, starting 118.3 metres down-hole.

Hole NP-120 cut 14.0 metres averaging 0.38% tungsten trioxide, 0.11 gram gold, 0.11% copper, 0.03% bismuth and 9.9% fluorite, starting 5.0 metres down-hole.

In early December, Tiberon updated its measured indicated and inferred resource estimate. The measured resource now stands at 27.1 million tonnes averaging 0.68% tungsten trioxide equivalent, or 0.25% tungsten trioxide, 0.25 gram gold per tonne, 0.23% copper, 0.11% bismuth and 8.2% fluorite. The calculation was based on a 0.2% tungsten trioxide equivalent cut-off grade. The tungsten trioxide equivalent grade was calculated using assumed prices of US$5,475 per tonne for contained tungsten trioxide, US$140 per tonne fluorite concentrate, US$0.85 per pound copper, US$325 per ounce gold and US$3.20 per pound for bismuth.

The indicated resource is pegged at 22.3 million tonnes averaging 0.60% tungsten trioxide equivalent, or 0.19% tungsten trioxide, 0.22 gram gold, 0.21% copper, 0.104% bismuth and 7.9% fluorite. The inferred resource is pegged at 24 million tonnes averaging 0.55% tungsten equivalent, or 0.18% tungsten trioxide, 0.16 gram gold, 0.16% copper, 0.081% bismuth and 8.1% fluorite.

Metallurgical test work has confirmed that 80% of the tungsten, 70% of the fluorite, and 75% of the copper are recoverable using gravity and flotation processing techniques. The estimated recoveries for gold and bismuth are 20% and 10%, respectively.

The new resource included all drill holes up to and including NP-110. All of the holes from NP- 111 will be included in the next updated resource estimate. This will be completed in conjunction with the bankable feasibility study. AMEC E&C Services, in conjunction with Laurion Consulting, and Knight Piesold Consulting are continuing work on the Nui Phao prefeasibility study. It is anticipated that the prefeasibility study will be released this month.

Tiberon holds a 70% interest in the Nui Phao project, with the remainder held by Vietnamese parties.